This form is used when Assignee has recovered certain costs out of Assignee's share of the proceeds of production of oil and gas from producing wells on the Lease, and Assignee's interest in the Lease is reduced. Assignor will be vested with title to an interest in the Lease, the "Reversionary Interest".
Maryland Notice of Payout by Party Entitled to Diversionary Interest is a legal document that serves to notify relevant parties about the disbursement of funds resulting from the diversionary interest in Maryland. In specific scenarios where a diversionary interest exists, this notice aims to inform beneficiaries, heirs, or individuals entitled to the proceeds about the upcoming payout. The "Maryland Notice of Payout by Party Entitled to Diversionary Interest" can be categorized into different types, depending on the nature of the diversionary interest. Some possible variations may include: 1. Real Estate Diversionary Interest: This notice would be used to alert parties holding a diversionary interest in real estate property located in Maryland about the anticipated payout. It could involve the sale or transfer of the property, triggering the distribution of funds to the beneficiaries or heirs entitled to the diversionary interest. 2. Trust Diversionary Interest: In cases where a trust holds a diversionary interest, this notice would serve to inform the beneficiaries or heirs about the payout. It could arise when specific conditions or timeframes outlined in the trust agreement trigger the reversion of assets from the trust back to the entitled party. 3. Intellectual Property Diversionary Interest: If an individual or entity has a diversionary interest in intellectual property located or registered within Maryland, this notice would be applicable. It could involve the expiration of a license or the termination of an agreement, leading to the distribution of funds to the entitled party. 4. Financial Diversionary Interest: This notice would be used when a financial instrument or contract contains a diversionary interest clause. It could occur, for instance, when an investment or insurance policy reaches its maturity, triggering the redistribution of funds to the entitled party. Keywords: Maryland, Notice of Payout, Party Entitled, Diversionary Interest, Real Estate Diversionary Interest, Trust Diversionary Interest, Intellectual Property Diversionary Interest, Financial Diversionary Interest.
